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eMoney News

Indian eMoney solutions assist poorest residents
22 Jun 2010

The introduction of eMoney solutions in India has been a huge success with local residents, it has been claimed. 

Those who are in receipt of certain state benefits can now use a smart card to withdraw funds without having to go to the bank. 

The technology has helped to reduce the likelihood of fraud, while cardholders will also be able to view a transaction history. 

Renu Challu, managing director for State Bank of Hyderabad (SBH), claimed smartcards are bridging the financial divide by linking the poor with the mainstream financial system.

She said: "There are no intermediaries. One need not be literate to be able to transact. Even at ATMs, there are voice alerts in regional languages about the available balance and withdrawal options." 

Officials are also planning to integrate other functions on the cards in the future, such as a users medical history, insurance and driving record.